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Issue 699 July 19, 2016

Aloha ,


In this newsletter:
 

Short Sales
Homes
Condos
Land
New Properties

Price Reductions

Huge Price Drop at Oceanfront Olowalu
11777 Honoapiilani Highway
Olowalu
$8.75M (FS)

Customer Listing Synopsis



 

Market Update

Local buyers are being priced out of Maui real estate as off-island buyers have more means to afford to purchase homes at the markets current prices.  2016 Half year statistics show that the median single family home price is $630K, up 5% from last year.

Homes below the median price mark are snatched up by local buyers while homes priced above the median mark are purchased by off islanders.  Most local buyers need to qualify for federal loan programs to be able to purchase, they are often left competing with cash buyers.  For the past several months 36% of all purchases have been cash. 

We have recently seen an increase in buyers from San Francisco and more of a mix of off island clientele.  The market has not seen the drop off it has seen in past years at this same time due to Canadians returning home.  The Canadian dollar has been weakening for the past couple years.  In turn the Maui real estate market is just carrying on, nothing exceptional. 

The problem is that there is no new inventory.  Average local family incomes have not kept up with prices that have risen nearly 2.3 times since 2000 when the median price was $275K.  Just before the Great Recession home prices were out of reach at a median of $679K.  Then following the recession were foreclosures where people lost their homes and those looking to buy could not qualify.  So many of these lower priced foreclosed upon home were bought by investors who then remodeled them and marked up the prices.  Now the market is not able to go back to the lower prices of before the recession. 


Have a wonderful week,

Melissa for The Smith Team

Ken, Melissa and Lindsey

P.S. - 16 Maui restaurants received Wine Spectators Magazine's 2016 restaurant award. The award recognizes top restaurants for wine lovers and honors the wine programs they offer.  The list of restaurants will be available tomorrow when the magazine hits stands.


P.S.S - We would like to apologize for any any emails that were mistakenly sent out.  We are currently renovating our website and it experienced some glitches.
 
Melissa Smith R (B), Ken Smith R (S)
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Market Watch

 
Active
Pending
Sold
Change
Homes
537 (308)
250 (41)
1112 (190)
+6
Condos
804 (196)
236 (28)
1236 (158)
-17
Land
371 (142)
33 (6)
157 (27)
 +2
Total
1712 (646)
519 (75)
2505 (375)
-9
1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in number of active listings from the previous week.
 

Homes Over $1M

61 Pokula
61 Pukolu Place

Wailea
$1.125M (FS)
The lowest priced home in Wailea.  A pleasant 4 minute stroll from celebrated Keawakapu Beach, this practical, unpretentious & deceptively large 5 bed, 4 bath Wailea Kai home is designed for maximum natural comfort, taking full advantage of Maui's mild climate & cross-breezes.
135 Pihaa
135 Pihaa Street
Kaanapali

$1.19M (FS)
Enjoy this quality ocean view contemporary home with new carpet on a large lot located in the desirable community of the Ka'anapali Hillside in West Maui. The living room, dining room, kitchen and master bedroom on the ground floor offer poolside access. Upstairs, the veranda and second bedroom feature panoramic views to the islands of Lanai and Molokai.
 
48 Ohaoha
48 Ohaoha Place
Makawao

$2.295M (FS)
This prime family oriented location in revered and gated Maunaolu Plantation Estates between Paia & Makawao, offers easy access to Maui's finest schools, the Hui Noeau Art Center and a short 18 minutes to all Central Maui has to offer. Compelling Ocean, North Shore, Molokai and West Maui Mountain Views abound from this 4 bed, 3 bath home. 
 
 

Homes Under $1M

41 Eleu
41 Eleu Place

Kihei
$475.5K (FS)
Bank Owned - Well sited and located right in the heart of Kihei and a 5 minutes walk to the beach. Close to schools, shopping, golf & resorts. Structurally sound with good basic layout that will suit potential conversion to modern living.

 
 40 Kuinehe 
40 Kuinehe Place
Pukalani

$525K (FS)
Wonderful, tastefully furnished unit located at the Cottages at Kulamalu Homes. Home is move-in ready with everything you need. Location is key, conveniently close to shopping, dining, schools and only 10 min to airport. Home features 3 bedrooms, 2.5 baths, 2 car-garage and even a beautiful and private back patio with small yard and garden.
 
515 Iao Valley
515 Iao Valley Road
Wailuku

$595K (FS)
Home on over 1/2 acre lot in Iao Valley. House has just been reroofed but does need work. If you are handy and want to live in a great location, this is the home for you. Great for orchids or other type of tropical flower garden. Lots of privacy in the backyard of this 4 bed, 3 bath home. 

 
520 Hoolawa
520 Hoolawa Road
Haiku

$939.6K (FS)
Bank Owned - This is an outstanding home with a truly unique architectural design, made of high end materials, over-sized rooms, large mother-in-law quarters option possible on 1st floor. This lovely home was designed "Off the Grid" and is located in a rural setting, on The Kings Trail, with ocean views. Split air conditioning throughout this 4 bed, 4 bath home.
 
35 Hoohale
35 Hoohale Street
Kihei

$959,999 (FS)
Short Sale - Luxury home in Kilohana Ridge. Prime South Kihei neighborhood at the edge of Wailea and walking distance to famed Keawekapu Beach. Spacious single-level floorplan with soaring vaulted ceilings. Enormous master suite with dual vanities, walk-in-closet and soaking tub.  New Appliances in this 4 bed, 3 bath home.

 
 

Vacation Condos Over $1M

 
Wailea ekahi 31-b
Wailea Ekahi #31-B
Wailea

$1.199M (FS)
Prime location just steps from Keawakapu Beach. Spectacular ground floor home with beautiful ocean and Molokini views. A gorgeous lush green belt off your lanai offers a serene Hawaiian setting making this Maui vacation home extra special. Lots of interior space for family and friends as well as an extended lanai for family barbecues.
 
Royal Mauian 402
Royal Mauian #402
Kihei

$1.695M (FS)
Drink in the ocean views, with West Maui mountains front and center from this directly oceanfront condo at the Royal Mauian. Nicely appointed and furnished, this 3 bedroom floorplan is rarely available for sale. Successfully booked for most of the year, consider this an investment opportunity or make it your Maui hideaway.
 

 
Vacation Condos Under $1M

Hono Kai C-7
Hono Kai #C-7

Maalaea
$389.9K (FS)

Great value for this 2 bed, 2 bath unit located at the Hono Kai in Maalaea.  This is a small beachfront complex with a pool and BBQ area.  Vacation rentals allowed.  This unit does come furnished and is pet friendly.  Currently the only 2 bedroom unit available at Hono Kai.  Located close to the famous surf spot known as Freight Trains and Hycroft Beach Park.

Menehune Shores 604
Menehune Shores #604
Kihei

$589.8K (FS)
Top floor penthouse views from this beautiful remodeled condo.  Light and bright are just a few words to describe this lovely oceanfront condo. Huge ocean and West Maui mountain views from lanai, living room, kitchen and master bedroom. The living room features a wall of mirrors that brings the outside in and makes the condo feel very spacious.
 
MaalAea Kai 417
Maalaea Kai #417
Maalaea

$599K (FS)
Price Reduced - Updated in 2014, this fourth floor Maalaea Kai condo features new upscale bathrooms boasting a tiled walk-in shower and hand-scraped heritage hickory laminate flooring throughout. Conveniently located near an elevator, enjoy the open floor plan with 2 beds, 2 baths, central AC and covered lanai. Move-in or rent-out ready. 
 
Whaler 657
Whaler #657
Kaanapali

$995K (FS)
Whaler 657 offers an expansive view stretching from the West Maui mountains down to the world renowned Kaanapali Beach. Remodeled kitchen features granite countertops, new appliances and lighting. The fine furnishings have a Hawaiian flavor and the mirrored walls offer a view of the ocean from anywhere in the unit.
 


Residential Condos

 Iao Parkside 29-206 
Iao Parkside #29-206
Wailuku

$299K (FS)
Ocean view from living room, lanai and master bedroom. Rare find, this 3 bed, 2 bath upstairs, corner unit is what you been looking for.  Vaulted ceilings in the living room make it very spacious. Upgrades include laminate flooring throughout, brand new bath tub in the master bathroom and newer full size washer and dryer.
 
 
Opukea at Lahaina g-103
Opukea at Lahaina #G-103
Lahaina

$577K (FS)
This 3 bed, 2 bath ground floor unit is located in the smaller two story building at Opukea. Beat the Lahaina heat in air conditioned comfort or a dip in the pool. Step from the lanai directly onto a lush grass lawn with easy access to the BBQ area. This is a pet friendly complex with a large pool and workout room.
 

Vacant Land

11 Kaluanui
11 Kaluanui Road
Makawao

$625K (FS)
5.683 Acres with sprawling 360 degrees views of Ocean, West Maui Mountains and Haleakela. This is a very private, but easy accessible lot located in one of the most desirable upcountry location near the Hui Noeau Visual Arts Center, and the Montessori School and the new Waldorf High School.
 
2176 Kekaulike
2176 Kekaulike Avenue
Kula

$13M (FS)
Comprised of 3,285 acres, Erehwon Ranch rises from approximately 4,000 foot elevation to 10,000 feet, just below the observatory at the top of Haleakala.  Expansive multi-island and mountain views in every direction. The verdant gently rolling acres of pastureland lend perfectly to continued ranching, farming and the creation of a private legacy estate.
 
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Coldwell Banker Island Properties
#B-35 3750 Wailea Alanui Drive
Wailea, Hawaii 96753
US

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